thyssenkrupp in figures€¦ · 08/11/2016 · 02 thyssenkrupp interim report 9 months 2015/2016...
TRANSCRIPT
Interim report 9 months 2015/2016October 1, 2015 – June 30, 2016thyssenkrupp AG
02 thyssenkrupp interim report 9 months 2015/2016 thyssenkrupp in figures
thyssenkrupp in figures
Full Group
9 monthsended
June 30,2015
9 monthsended
June 30,2016 Change in %
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016 Change in %
Order intake million € 31,147 28,236 2,912 9 10,647 9,399 1,249 12
Net sales million € 32,217 29,265 2,952 9 11,178 9,865 1,313 12
EBITDA million € 2,058 1,740 318 15 796 666 129 16
EBIT 1 million € 973 846 127 13 493 372 122 25
EBIT margin % 3.0 2.9 0.1 — 4.4 3.8 0.6 —
Adjusted EBIT 1 million € 1,261 1,001 259 21 539 441 98 18
Adjusted EBIT margin % 3.9 3.4 0.5 — 4.8 4.5 0.4 —
EBT million € 565 445 119 21 356 261 95 27
Net income/ loss million € 279 115 164 59 191 124 67 35
attributable to thyssenkrupp AG’sshareholders million € 297 168 129 43 199 130 69 34
Basic earnings per share € 0.52 0.30 0.22 43 0.35 0.23 0.12 34
Operating cash flow million € 276 158 434 -- 450 545 95 21
Cash flow for investments million € 775 890 115 15 244 343 100 41
Cash flow from divestments million € 184 35 149 81 51 3 48 94
Free cash flow 2 million € 315 1,014 698 -- 257 205 52 20
Free cash flow before M&A 2 million € 438 1,007 569 -- 205 205 0 0
Net financial debt June 30 million € 4,388 4,770 382 9 4,388 4,770 382 9
Total equity June 30 million € 3,538 2,723 815 23 3,538 2,723 815 23
Gearing June 30 % 124.0 175.2 51.2 — 124.0 175.2 51.2 —
Employees June 30 155,984 155,248 736 0 155,984 155,248 736 0
1 Refer to the reconciliation in segment reporting Note 07 .2 Refer to the reconciliation in the analysis of the statement of cash flows.
Continuing operations
9 monthsended
June 30,2015
9 monthsended
June 30,2016 Change in %
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016 Change in %
Order intake million € 31,147 28,236 2,912 9 10,647 9,399 1,249 12
Net sales million € 32,217 29,265 2,952 9 11,178 9,865 1,313 12
EBITDA million € 2,064 1,740 324 16 796 666 130 16
EBIT 1 million € 980 846 134 14 494 372 122 25
EBIT margin % 3.0 2.9 0.1 — 4.4 3.8 0.6 —
Adjusted EBIT 1 million € 1,261 1,001 259 21 539 441 98 18
Adjusted EBIT margin % 3.9 3.4 0.5 — 4.8 4.5 0.4 —
EBT million € 571 445 126 22 356 261 95 27
Income/ loss net of tax million € 285 115 169 60 191 124 67 35
attributable to thyssenkrupp AG’sshareholders million € 303 168 135 45 199 130 68 34
Basic earnings per share € 0.53 0.30 0.23 44 0.35 0.23 0.12 34
Operating cash flow million € 282 158 441 -- 450 545 94 21
Cash flow for investments million € 775 890 115 15 243 343 101 41
Cash flow from divestments million € 184 35 149 81 50 3 47 93
Free cash flow million € 309 1,014 705 -- 257 205 53 21
Free cash flow before M&A million € 432 1,007 576 -- 205 205 1 0
1 Refer to the reconciliation in segment reporting Note 07 .
03 thyssenkrupp interim report 9 months 2015/2016 thyssenkrupp in figures
Business areas
Order intakemillion €
Net salesmillion €
EBIT 1
million €Adjusted EBIT 1
million € Employees
9 monthsended
June 30,2015
9 monthsended
June 30,2016
9 monthsended
June 30,2015
9 monthsended
June 30,2016
9 monthsended
June 30,2015
9 monthsended
June 30,2016
9 monthsended
June 30,2015
9 monthsended
June 30,2016
June 30,2015
June 30,2016
ComponentsTechnology 5,127 5,093 5,087 5,122 227 218 241 256 29,464 30,281
Elevator Technology 5,809 5,691 5,249 5,526 533 569 557 614 51,184 51,467
Industrial Solutions 3,151 2,715 4,584 4,343 304 283 297 287 19,148 19,530
Materials Services 10,841 8,891 10,993 8,914 62 36 140 66 22,347 19,623
Steel Europe 6,539 6,294 6,532 5,664 343 198 358 207 27,273 27,201
Steel Americas 1,414 1,040 1,396 1,011 57 91 45 100 3,689 3,737
Corporate 140 173 139 179 312 385 291 347 2,879 3,409
Consolidation 1,874 1,661 1,763 1,493 4 18 4 18
Continuingoperations 31,147 28,236 32,217 29,265 980 846 1,261 1,001 155,984 155,248
1 Refer to the reconciliation in segment reporting Note 07 .
Order intakemillion €
Net salesmillion €
EBIT 1
million €Adjusted EBIT 1
million €
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
ComponentsTechnology 1,743 1,775 1,758 1,783 81 72 91 100
Elevator Technology 2,051 1,867 1,876 1,906 199 205 211 225
Industrial Solutions 1,334 541 1,574 1,228 101 41 96 43
Materials Services 3,572 3,123 3,778 3,087 89 35 89 52
Steel Europe 2,050 2,265 2,287 2,015 150 92 166 91
Steel Americas 519 383 441 336 27 53 25 39
Corporate 44 80 46 64 98 130 90 113
Consolidation 666 636 582 555 1 4 1 4
Continuingoperations 10,647 9,399 11,178 9,865 494 372 539 441
1 Refer to the reconciliation in segment reporting Note 07 .
thyssenkrupp stock / ADR master data and key figures
ISIN Number of shares total shares 565,937,947
Shares Frankfurt, Düsseldorf stock exchanges DE0007500001 Closing price end June 2016 € 18.01
ADRs over-the-counter trading US88629Q2075 Stock exchange value end June 2016 million € 10,193
Symbols
Shares TKA
ADRs TKAMY
04 thyssenkrupp interim report 9 months 2015/2016 Contents
Contents
02 thyssenkrupp in figures
05 Interim management report
05 Report on the economic position05 Summary06 Macro and sector environment08 Group and business area review11 Results of operations and financial position
15 Compliance15 Subsequent events15 Forecast, opportunity and risk report
15 2015/2016 forecast16 Opportunities and risks
17 Condensed interim financial statements
18 Consolidated statement of financial position19 Consolidated statement of income20 Consolidated statement of comprehensive income21 Consolidated statement of changes in equity22 Consolidated statement of cash flows23 Selected notes to the consolidated financial statements
34 Review report
35 Additional information
35 Report by the Supervisory Board Audit Committee36 Contact and 2016/2017 financial calendar
Our fiscal year begins on October 1 and ends on September 30 of the following year.
05 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Report on the economic position
Report on the economic position
Summary
Capital goods businesses and “impact” efficiency program with stabilizing effect indifficult materials environment; significant quarter-on-quarter improvement inearnings and cash flow with positive contributions from Steel Americas• Group order intake, sales and earnings down after 9 months, but- Capital goods businesses overall with sales and earnings growth and- Group in 3rd quarter once again with significant quarter-on-quarter improvements in earnings and cash flow• Materials businesses under continuing strong import pressure in the first 9 months, particularly in Europe;however clear signs of recovery in 3rd quarter with spot prices rising again on materials markets
• More than €700 million EBIT effects from “impact” in the first 9 months from the whole Group counteractingsignificant margin pressure
• Five out of six business areas with significant quarter-on-quarter improvement in adjusted EBIT in 3rdquarter
- Only Industrial Solutions down significantly from extremely strong prior quarter as expected- Steel Americas also supported by positive exchange rate effects strongly positive in reporting quarter• Strong net income in 3rd quarter and after 9 months and strong positive free cash flow in 3rd quarter• Revised full-year forecast for the Group reaffirmed see Forecast• Rise in gearing in the first 9 months to 175.2% mainly due to seasonal increase in net working capital andrevaluation of pensions reflecting lower interest rates; gearing expected to decrease significantly in 4th
quarter with positive cash flows, corresponding reduction in net financial debt and positive net income
• Strategic Way Forward:- Acquisition of Vale’s minority interest in thyssenkrupp CSA completed May 31 ; reduction of complexityand risks, increased room for maneuver for further development of CSA
- Personnel changes at top management levels, at several operating units and regional headquarterssupport transformation of thyssenkrupp, herald generational change and continue internationalization also
of leadership team
- Comprehensive transformation program at Industrial Solutions to enhance performance and customerfocus in a dynamic and very challenging competitive environment
- Realignment of management structures at Steel Europe puts customers and markets more firmly at thecenter; implementation at start of new fiscal year
Interim management report
06 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Report on the economic position
Macro and sector environment
Global economy still lacking momentum – growth expectations overall largelyconfirmed; mid-term outlook after Brexit referendum marked by major uncertainty• Global economic growth of just under 3% in 2016 down slightly from prior year• Growth in industrialized countries and emerging economies slightly lower than expected at start of fiscalyear
• USA: Slightly lower GDP forecast overall; labor market and real estate sector remain relatively solid withpositive impact on consumer spending
• Germany and euro zone: GDP forecasts for 2016 revised downward only slightly; economy should profitabove all from solid domestic demand; GDP growth in 2017 expected to be much weaker due to Brexit
referendum – high uncertainty over further course of exit negotiations expected to weigh on investment
particularly in Britain but also in the other countries of the EU
• China: Economic growth slowing further; transformation process towards stronger domestic economy stillsupported by expansionary monetary and fiscal policies
• Brazil and Russia: GDP forecast for 2016 raised slightly after sharp lowering in first-half report; in Brazil highdownward momentum slowing somewhat; in Russia first signs of economic improvement
• Numerous geopolitical flashpoints continue to pose risks to global economy; uncertainties in the EU withsigns of more nationalist economic policies in some countries; scarcely predictable political developments
in Turkey; resurgence of crisis in euro zone e.g. banking crisis in Italy
• Iran: Lifting of sanctions with possible positive impact on economic growth and opportunities forinternational capital goods producers
Gross domestic product
Real change compared to previous year in % 2015 20161
Euro zone 1.7 1.5
Germany 1.7 1.5
Russia 3.7 1.0
Rest of Central/Eastern Europe 1.2 2.2
USA 2.4 2.0
Brazil 3.9 3.3
Japan 0.6 0.7
China 6.9 6.5
India 7.3 7.5
Middle East 3.2 2.0
World 3.1 2.9
1 ForecastSources: IHS, IMF, consensus forecasts, misc. banks and research institutes, own estimates
Automotive• Forecast for global car and light truck production raised slightly for 2016; sales trends in NAFTA stable athigh level light trucks strong, passenger vehicles declining ; Europe exceeding expectations, China positive,
but with lower growth rates than in the past
• Brexit impact on global new car registrations slight in 2016; impacts in following years not yet predictable• Chinese car sales continuing positive in 2016; average 5% sales and production growth expected in thefuture
• Brazilian car sales and production expected to remain weak in the coming years• Forecast for global production of heavy trucks clouded by developments in NAFTA in particular “Class 8”and Brazil; Europe continuing positive; recovery in China since start of year after five years of decline with
beginning inventory reduction
07 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Report on the economic position
Machinery• After decline in US machinery sector in 2015 negative growth now also expected for 2016; weak foreigndemand and strong US dollar weighing on prospects
• Growth forecast for Chinese machinery sector in 2016 raised slightly after cuts in previous interim reports;supported by expansionary monetary and fiscal policies
• Zero growth for German machinery sector in 2016 confirmed; forecast beset with downside risks after Brexitdecision due to high export rate
Construction• Continued relatively solid recovery of US construction sector; housing starts showing strong year-on-yeargrowth rates; property prices continuing to increase
• 2016 growth expectations raised slightly for China, lowered for India• Forecast for German construction output in 2016 largely confirmed; main drivers housing and public sectorconstruction
Important sales markets
2015 20161
Vehicle production, million cars and light trucks
World 86.6 89.1
Western Europe incl. Germany 14.1 14.7
Germany 5.9 6.0
USA 11.8 12.2
Japan 8.8 8.7
China 23.6 25.2
Brazil 2.3 1.9
Machinery production, real, in % versus prior year
Germany 0.2 0.0
USA 1.5 2.1
Japan 1.0 4.1
China 3.5 3.5
Construction output, real, in % versus prior year
Germany 0.7 1.7
USA 5.0 7.5
China 6.8 4.0
India 3.4 4.7
1 ForecastSources: IHS, Oxford Economics, national associations, own estimates
Steel• Global finished steel demand in 2016 expected level with prior year – with declines in China, Russia andBrazil
• EU carbon flat steel market growing in 1st half – but almost exclusively in favor of third-country suppliers
08 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Report on the economic position
Group and business area review
Significant quarter-on-quarter earnings increase again in reporting quarter• Order intake, sales and earnings in the first 9 months down altogether mainly due to price-related declinesin the materials businesses
• However in 3rd quarter five out of six business areas exception Industrial Solutions with significantlyimproved adjusted EBIT versus prior quarter; Group with significant net income and strong positive free
cash flow
Order intake by business area
million €
9 monthsended
June 30,2015
9 monthsended
June 30,2016
Changein %
Change on acomparable
basis1
in %
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
Changein %
Change on acomparable
basis1
in %
Components Technology 5,127 5,093 1 1 1,743 1,775 2 4
Elevator Technology 5,809 5,691 2 3 2,051 1,867 9 7
Industrial Solutions 3,151 2,715 14 14 1,334 541 59 59
Materials Services 10,841 8,891 18 12 3,572 3,123 13 8
Steel Europe 6,539 6,294 4 4 2,050 2,265 10 10
Steel Americas 1,414 1,040 26 30 519 383 26 23
Corporate 140 173 23 23 44 80 80 82
Consolidation 1,874 1,661 — — 666 636 — —
Order intake of the continuingoperations / Group 31,147 28,236 9 8 10,647 9,399 12 9
1 Excluding material currency and portfolio effects
Order intake in the capital goods businesses was lower year-on-year overall in the first 9 months.
• Components Technology and Elevator Technology largely level with prior year, also on a comparable basis• Industrial Solutions weaker in the first 9 months due to quiet 3rd quarter no major project
Components Technology
• Robust demand growth for car components in western Europe, USA and China offset by sharply decliningdemand in Brazil and Russia
• Continued weak demand for components for heavy trucks particularly in the USA, Brazil, China andconstruction machinery
Elevator Technology
• Order intake positive in North America and South Korea; Europe lower year-on-year due to difficult marketsituation in individual countries e.g. France ; number of new installations in China higher year-on-year
following acquisition of majority shareholding in Marohn with prices generally lower; negative exchange rate
effects
• 3rd-quarter order intake down from strong prior-year level major orders particularly for passenger boardingbridges and in Middle East ; negative exchange-rate effects
Industrial Solutions
• Process Technologies: Customers cautious on account of low oil and raw material prices, continuing highvolume of bids in promising status
• Resource Technologies: 9-month period boosted by major order from Yamama for cement plant in SaudiArabia in 1st quarter
• System Engineering: 9-month order intake higher year-on-year; several orders for automobile productionsystems in Europe and Asia body-in-white and assembly lines for leading German carmakers, battery
assembly line in China
• Marine Systems: Smaller maintenance and service contracts, including for India; prior-year quarter profitedfrom submarine contract
09 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Report on the economic position
Mainly as a result of significant price decreases, order intake at all materials businesses was lower year-on-
year also on a comparable basis in particular excluding disposals of VDM and RIP at Materials Services .
• However clear signs of recovery on the materials markets in the 3rd quarter with spot prices rising again onthe whole.
• Order volumes higher year-on-year particularly in the 3rd quarter at Steel Europe; as a result, order value in3rd quarter at Steel Europe higher both quarter-on-quarter and year-on-year
Net sales by business area
million €
9 monthsended
June 30,2015
9 monthsended
June 30,2016
Changein %
Change on acomparable
basis1
in %
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
Changein %
Change on acomparable
basis1
in %
Components Technology 5,087 5,122 1 0 1,758 1,783 1 3
Elevator Technology 5,249 5,526 5 5 1,876 1,906 2 4
Industrial Solutions 4,584 4,343 5 5 1,574 1,228 22 22
Materials Services 10,993 8,914 19 13 3,778 3,087 18 12
Steel Europe 6,532 5,664 13 14 2,287 2,015 12 12
Steel Americas 1,396 1,011 28 31 441 336 24 21
Corporate 139 179 28 28 46 64 39 40
Consolidation 1,763 1,493 — — 582 555 — —
Net sales of the continuingoperations / Group 32,217 29,265 9 8 11,178 9,865 12 9
1 Excluding material currency and portfolio effects
Sales in the capital goods businesses were higher year-on-year in the first 9 months on the whole.
• Rising sales at Components Technology and Elevator Technology outweighed the decline at IndustrialSolutions lower number of milestone billings
All materials businesses recorded year-on-year sales declines mainly due to lower prices in a very difficult
environment.
• However in the 3rd quarter clear signs of recovery on the materials markets; all materials businessesincreased their sales quarter-on-quarter
Materials Services
• Strong price and competitive pressure for practically all materials up to the end of the 2nd quarter, pricerecovery from the 3rd quarter increases for rolled steel, no further reductions for stainless but still well
below prior-year average prices
• Volumes lower on the whole shipments: 9.6 million t, down 5%; thereof raw materials 2.3 million t, down10% : declines in global materials trading business and in warehousing and service business particularly in
North America; volume growth in auto-related service center business and at AST; in raw materials trading
clear reduction in coke volumes, clear increase in nickel ore business
• In the first 9 months growth in sales of materials and logistics services for the aerospace sector and forvolume reasons at AST
Steel Europe
• Sales lower in the first 9 months for price and volume reasons shipments: 8.3 million t; down 5%• In the 3rd quarter shipments back at prior-year level and higher quarter-on-quarter; sales also higherquarter-on-quarter, average selling prices lower
• Recent positive spot market price trend not yet reflected in average selling prices in 3rd quarter• Business with auto industry stable
Steel Americas
• Despite higher shipments 3.2 million t; up 15% sales lower in the first 9 months due to lower prices year-on-year in the USA and South America
• Sales higher quarter-on-quarter in 3rd quarter due to beginning price recovery, shipments temporarilylower
• Good progress building further long-term customer relationships
10 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Report on the economic position
Adjusted EBIT by business area
million €
9 monthsended
June 30,2015
9 monthsended
June 30,2016 Change
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016 Change
Components Technology 241 256 16 91 100 9
Elevator Technology 557 614 57 211 225 14
Industrial Solutions 297 287 10 96 43 53
Materials Services 140 66 74 89 52 37
Steel Europe 358 207 151 166 91 75
Steel Americas 45 100 55 25 39 64
Corporate 291 347 56 90 113 23
Consolidation 4 18 — 1 4 —
Adjusted EBIT of the continuing operations / Group 1 1,261 1,001 259 539 441 98
1 Refer to the reconciliation in segment reporting Note 07 .
In the capital goods businesses as a whole adjusted EBIT was higher year-on-year in the first 9 months,
supported by sustainable efficiency and cost reduction measures.
• Growth at Components Technology and Elevator Technology outweighed decline at Industrial Solutions
Components Technology
• Improvements in components for cars ramp-up of new plants and wind industry outweighed declines incomponents for trucks; weak market performance in Brazil
• Clear margin increase in 3rd quarter by 0.4 percentage points to 5.6% and in the 9-month period by 0.3percentage points to 5%
Elevator Technology
• Adjusted EBIT and margin higher year-on-year for the 15th quarter in succession; margin improved by 0.5percentage points to 11.8% – despite continued difficult market situation in individual European countries
Industrial Solutions
• 9-month period slightly down from prior year due to weaker 3rd quarter; margin in 9-month period in targetrange 6 to 7%
• After extremely strong 2nd quarter, as expected decline in 3rd quarter temporarily lower milestone billingswith weaker margins overall
In allmaterials businesses adjusted EBIT was lower year-on-year in a difficult environment.
• Numerous efficiency measures unable to offset strong price and margin pressure• However all business areas recorded in part significant quarter-on-quarter improvements in the 3rd quarter
Materials Services
• Adjusted EBIT in the first 9 months lower year-on-year but higher at Aerospace and AST• Significant quarter-on-quarter earnings improvement in 3rd quarter price increases for rolled steel, nofurther reductions for stainless steel, earnings-securing measures
Steel Europe
• Earnings down year-on-year due to lower prices and volumes; offset only slightly by lower raw materialcosts
• Quarter-on-quarter earnings improvement on higher volumes in 3rd quarter
Steel Americas
• Higher production and shipment volumes, lower raw material and energy costs, and positive exchange rateeffects on input tax credits in the first 9 months overshadowed by negative price effects
• In 3rd quarter adjusted EBIT strongly positive and significantly higher quarter-on-quarter due to higherprices and positive exchange rate effects
11 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Report on the economic position
At Corporate efficiency gains were achieved at Global Shared Services. This was partly offset by higher costs
for harmonizing the IT infrastructure to prepare the digital transformation and higher provisions for employee
obligations.
Earnings impacted by special items
Special items by business area
million €
9 monthsended
June 30,2015
9 monthsended
June 30,2016 Change
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016 Change
Components Technology 14 38 25 10 28 18
Elevator Technology 24 45 21 12 19 7
Industrial Solutions 7 4 11 5 2 8
Materials Services 202 29 173 0 18 17
Steel Europe 15 9 6 16 0 16
Steel Americas 12 9 21 2 14 16
Corporate 21 38 18 8 17 10
Consolidation 0 0 — 2 0 —
Special items of the continuing operations 281 155 125 45 70 24
Stainless Global 6 0 6 0 0 0
Consolidation 1 0 — 1 0 —
Special items of the Group 288 155 132 46 70 23
• Main special items in reporting period:- Components Technology: Plant closure due to flooding in UK Springs & Stabilizers , restructuring toadapt capacities to weak market situation in Brazil Forging & Machining and site closures construction
machinery components
- Elevator Technology: Restructuring and reorganization in Europe, Africa and Middle East- Materials Services: Several restructuring measures- Steel Europe: Real estate value adjustment at end of use- Steel Americas: Updated valuation of a long-term freight contract- Corporate: Expenses from divestment projects
Results of operations and financial position
Analysis of the statement of income
Income from operations• Decrease in cost of sales greater than decrease in net sales; 0.8 percentage point increase in gross profitmargin to 16.6%
• Improvement in other gains/losses mainly due to currency translation of refund entitlements in connectionwith non-income taxes
Financial income/expense and income tax• Decrease in finance income particularly due to lower exchange rate gains in connection with finance transactionsand lower interest income from non-current refund entitlements in connection with non-income taxes
• Net decrease in finance expense mainly due to reduced expenses from derivatives in connection withfinancing and lower interest expense for financial debt alongside higher exchange rate losses in connection
with finance transactions
• Tax expense as in the prior year affected by non-capitalization of deferred tax assets
Earnings per share• Net income of €115 million in the first 9 months; 3rd quarter with operating and pre-tax earnings up fromprior quarter and net income of €124 million
• Accordingly, earnings per share down year-on-year in the first 9 months, and up quarter-on-quarter in the3rd quarter
12 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Report on the economic position
Analysis of the statement of cash flows
Operating cash flow• Operating cash flow still negative and lower year-on-year in the first 9 months, mainly due to lower netincome before depreciation charges and deferred tax expense as well as due to net increase in operating
assets and liabilities; however, positive and higher year-on-year in 3rd quarter
Cash flows from investing activities• Capital spending higher year-on-year in all capital goods businesses, share in 3rd quarter over 50%• Modernization of IT and harmonization of systems landscape at all business areas and Corporate toenhance efficiency, lower costs and as a basis for Industry 4.0
Investments by business area
million €
9 monthsended
June 30,2015
9 monthsended
June 30,2016
Changein %
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
Changein %
Components Technology 249 296 19 104 133 28
Elevator Technology 75 83 10 24 27 14
Industrial Solutions 6 52 ++ 37 19 ++
Materials Services 67 72 8 23 27 21
Steel Europe 292 280 4 96 105 9
Steel Americas 39 76 96 15 21 42
Corporate 52 33 36 17 11 34
Consolidation 7 2 — 1 0 —
Investments of the continuing operations / Group 775 890 15 243 343 41
Components Technology
• Construction and expansion of production sites in growth regions and regions with cost advantages:- Conventional and electric steering systems: Mexico also for US market , China, plant being established inHungary
- Camshafts: Capacity expansion for head cover modules in China and for European market, projects inMexico for US market and Hungary in early phase of implementation
- Dampers: Expansion of product spectrum to include active and passive damper systems with constructionof a new plant in Mexico, production supplies to OEMs in North America planned from mid- 2018
- Expansion of slewing bearing production, especially rotor bearings for wind turbines, in Germany andChina
Elevator Technology
• China: Construction of a new elevator production plant and a 249 m high test tower in Zhongshan• India: Construction of the new elevator plant in Pune• Germany: Progress with construction of the 246 m high test tower in Rottweil; preparations have begun toinstall external facade
Industrial Solutions
• Resource Technologies: Expansion of infrastructure and optimization of technology portfolio to strengthenposition in standard mining machinery
• Process Technologies: Optimization of technology portfolio with acquisition of oxygen-depolarized cathodetechnology for electrolysis
• System Engineering: Growth and international expansion in forming dies• Marine Systems: Further implementation of modernization program at Kiel shipyard• Prior-year figures negative due to cash acquired in connection with the acquisition of consolidatedcompanies in particular consolidation of thyssenkrupp Chlorine Engineers in 3rd quarter 2014/2015
Materials Services
• Expansion and modernization of warehousing and service activities in Europe and Mexico• Acquisition of a steel service center in Hungary• Modernization and maintenance AST
13 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Report on the economic position
Steel Europe
• New ladle furnace at BOF meltshop 2 to produce high-quality grades as part of focus on premium products,in particular ultrahigh-strength steels for the automotive industry; start of construction planned for fall 2017
• Acquisition of a minority shareholding in a company of the Angang group in China operation of a newlybuilt hot-dip coating line
• Maintenance and further improvement of environmental protection
Steel Americas
• Environmental protection and continued technical optimization
Corporate
• Mainly centrally pooled property investments
Cash flows from divestments were €150 million lower mainly as a result of cash flows recognized in the prior-
year period from the sale of the service activities of the RIP group in Brazil.
Cash flows from financing activities• Reduction in cash flows from financing activities due mainly to repayment of financial debt in the reportingperiod compared with proceeds from borrowings in the prior year; reduced expenditures from other
financing activities mainly due to lower expenditures for currency and cross currency swaps in connection
with Group financing.
Free cash flow and net financial debt
Reconciliation to free cash flow before M&A
million €
9 monthsended
June 30,2015
9 monthsended
June 30,2016 Change
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016 Change
Operating cash flows – full Group 276 158 434 450 545 95
Cash flows from investing activities – full Group 591 855 264 193 340 147
Free cash flow – full Group 315 1,014 698 257 205 52
-/+ Cash inflow/cash outflow resulting from material M&Atransactions 123 6 129 52 0 52
Free cash flow before M&A – full Group 438 1,007 569 205 205 0
• FCF before M&A in the first 9 months as expected down from prior year due mainly to higher negativeoperating cash flows; however, positive in 3rd quarter and level with prior year
• Net financial debt correspondingly higher versus September 30, 2015 and lower quarter-on-quarter• Ratio of net financial debt to equity gearing at 175.2% higher than at September 30, 2015 103.2% andtemporarily over 150%
• Available liquidity of €7.0 billion €3.1 billion cash and cash equivalents and €3.9 billion undrawncommitted credit lines
Financing measures• In March 2016 placement of €850 million bond with a maturity of 5 years and a coupon of 2.75% p.a.• In December 2015 placement of €100 million note loan with a maturity of three years and a coupon of0.931% p.a., and in March 2016 of €150 million loan note with a maturity of five years and a coupon of
1.75% p.a.
• In March 2016 early extension of €2 billion syndicated credit line until March 2021
14 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Report on the economic position
Rating
Rating
Long-termrating
Short-termrating Outlook
Standard & Poor’s BB B stable
Moody’s Ba2 Not Prime stable
Fitch BB+ B stable
Analysis of the statement of financial position
Non-current assets• Reduction in investment property mainly as a result of property reclassified as assets held for sale inconnection with the sale of non-operating property in Germany initiated in the 3rd quarter
• Increase in refund entitlements in connection with non-income taxes contained in other non-financial assets• Increase in deferred tax assets mainly due to interest rate changes for pension obligations at June 30,2016
Current assets• Decrease in current assets mainly due to significant reduction in cash and cash equivalents, primarily as aresult of negative free cash flow in the reporting period and repayment of financial debt
• Decrease in inventories mainly due to lower inventories in the materials business• Increase in trade accounts receivable especially in plant construction• Increase in assets held for sale caused by the above-mentioned initiation of the sale of non-operatingproperty
Total equity• Decrease mainly due to losses after taxes recognized in other comprehensive income from the revaluationof pensions and similar obligations and of dividend payments; partly offset by net income for the period
and currency translation effects
Non-current liabilities• Increase in provisions for pensions and similar obligations mainly due to revaluation of pensions• Decrease in financial debt mainly due to reclassification of a €1,250 million bond due in February 2017 tocurrent financial debt, partly offset by issue of an €850 million bond in March 2016 and placement of note
loans in December 2015 and March 2016
Current liabilities• Decrease in current liabilities mainly due to sharply reduced trade accounts payable, particularly in thematerials and plant engineering businesses
• Decrease also due to reduction in other financial liabilities resulting mainly from derivatives accounting andinterest liabilities, and net decrease in other non-financial liabilities in connection with construction contracts
15 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Compliance // Subsequent events // Forecast, opportunity and risk report
ComplianceCompliance – a question of mindset• Our corporate culture is based on performance and values• Our values are anchored in particular in thyssenkrupp’s mission statement, code of conduct andcompliance commitment
• Honesty, respect and mutual appreciation characterize our interactions with each other and are the basis forour business relations with customers, suppliers and other market players
• More information on thyssenkrupp compliance program, culture and strategy in 2014/2015 Annual Report
Subsequent eventsNo reportable events occurred between the end of the reporting period June 30, 2016 and the date of
authorization for issuance August 8, 2016 .
Forecast, opportunity and risk report
2015/2016 forecast
Overall assessment by the Executive Board• Solid performance of the capital goods businesses overall in the first 9 months of the current fiscal year,overshadowed by sharp deterioration of materials environment:
- Continuing high import pressure with heavy destocking in Germany and customer caution particularly inthe 1st quarter and sharp fall in materials prices well into 2nd quarter
- However in 3rd quarter clear signs of recovery with spot prices rising again from low level; significantquarter-on-quarter improvement in all materials businesses
• On this basis revised full-year forecast for the Group affirmed
For further key assumptions and expected economic conditions see forecast section and “Macro and sector
environment” in the report on the economic position in the 2014/2015 Annual Report and this interim report.
2015/2016 forecast• Group sales on a comparable basis to decline in the single-digit percentage range due to high import
pressure on the materials markets
- Capital goods businesses with organic growth at Components Technology and Elevator Technology insingle-digit percentage range; slight downwards movement at Industrial Solutions
- Materials businesses significantly weaker against high import pressure• Adjusted EBIT of Group at least €1.4 billion prior year: €1,676 million , supported by at least €850 million
planned EBIT effects from “impact”
• Capital goods businesses above prior-year level overall; growth at Components and particularly ElevatorTechnology will outweigh decline at Industrial Solutions:
- Components Technology: Slight year-on-year improvement in adjusted EBIT expected prior year: €313million thanks to further ramp-up of new plants and efficiency programs, despite high price and margin
pressure
16 thyssenkrupp interim report 9 months 2015/2016 Interim management report // Forecast, opportunity and risk report
- Elevator Technology: Improvement in adjusted EBIT from sales growth and an increase in adjusted EBITmargin by 0.5 to 0.7 percentage points from restructuring and efficiency measures prior year: €794
million; 11.0%
- Industrial Solutions: Decrease in adjusted EBIT expected prior year: €424 million mainly due tocontinued weak market environment for chemical plants; slight decline in sales with margin at bottom end
of target range of 6-7%
• Materials businesses down from prior year overall – particularly due to very weak environment in 1st half;strong improvement at Steel Americas overshadowed by sharp declines at Materials Services and Steel
Europe:
- Materials Services: Positive effects due to absence of impacts from strike at AST in prior year andprogress with restructuring and efficiency programs and sales initiatives, overshadowed by margin
pressure on materials markets and absence of income from divested operations prior-year adjusted EBIT:
€206 million
- Steel Europe: Positive effects from efficiency programs, overshadowed by high import and marginpressure prior-year adjusted EBIT: €492 million
- Steel Americas: In a weak Brazilian steel market and particularly in 1st half difficult price environment,losses significantly reduced prior-year adjusted EBIT: € 138 million as a result of operating progress,
efficiency programs, and positive exchange-rate effects at closing date; based on assumption of largely
stable exchange rates for Brazilian real in 4th quarter
• Net income: At prior-year level, partly due to reduced impact of special items prior year: €268 million
• tkVA: Accordingly also at prior-year level pro-forma prior-year comparative with current cost of capital:€ 238 million
• FCF before M&A: Expected between low 3-digit million € negative and breakeven; dependent on payment
timing on major orders prior year: €115 million
• Capital spending: Expected to be below €1.5 billion prior year: €1,235 million, or €1,335 million net ofcash acquired in connection with the increased shareholding in Marohn Elevator at Elevator Technology and
the consolidation of thyssenkrupp Uhde Chlorine Engineers at Industrial Solutions
Opportunities and risks
Opportunities• Strong and stable earnings, cash flow and value added through positioning as diversified industrial group• Opportunities through integrated Group management and utilization of advantages in interplay betweenbusiness areas, regions, corporate functions and service units
• Strategic and operational opportunities described in 2014/2015 Annual Report continue to apply
Risks• No risks threatening Group’s ability to continue as a going concern; detailed information on risks in2014/2015 Annual Report continues to apply
• Takeover of Vale’s minority interest in thyssenkrupp CSA completed; reduction of complexity and risks andincreased room for maneuver for further development of CSA
• Economic risks from numerous geopolitical flashpoints, continuing recession in Brazil and slower growth inChina; increasing volatility in external environment, among other things due to Brexit vote in United
Kingdom; increased uncertainty over global economy and effects on Group’s business models; risk of
further falling interest rates with impact on the valuation of pensions
• Investigations by Bremen public prosecutor’s office at joint venture Atlas Elektronik:- In investigations begun in 2013 into suspected corruption in projects in Greece, reference by publicprosecutor to threat of mid to high two-digit million euro fine
- Investigations widened to naval projects in Turkey- Full cooperation of Atlas Elektronik with the authorities
Condensedinterimfinancialstatements18 Consolidated statement of financial position19 Consolidated statement of income20 Consolidated statement of comprehensive income21 Consolidated statement of changes in equity22 Consolidated statement of cash flows23 Selected notes to the consolidated financial statements
34 Review report
18 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Consolidated statement of financial position
thyssenkrupp AG — Consolidatedstatement of financial positionAssets
million € Note Sept. 30, 2015 June 30, 2016
Intangible assets 4,529 4,556
Property, plant and equipment 8,728 8,722
Investment property 239 71
Investments accounted for using the equity method 303 289
Other financial assets 47 45
Other non-financial assets 343 504
Deferred tax assets 2,031 2,319
Total non-current assets 16,220 16,505
Inventories 6,945 6,542
Trade accounts receivable 5,118 5,284
Other financial assets 319 403
Other non-financial assets 2,397 2,417
Current income tax assets 160 216
Cash and cash equivalents 4,535 3,094
Assets held for sale 01 0 165
Total current assets 19,474 18,122
Total assets 35,694 34,627
Equity and liabilities
million € Note Sept. 30, 2015 June 30, 2016
Capital stock 1,449 1,449
Additional paid in capital 5,434 5,434
Retained earnings 4,123 5,169
Cumulative other comprehensive income 422 507
Equity attributable to thyssenkrupp AG’s stockholders 3,182 2,221
Non-controlling interest 125 503
Total equity 02 3,307 2,723
Accrued pension and similar obligations 03 7,654 8,512
Provisions for other employee benefits 339 329
Other provisions 906 870
Deferred tax liabilities 53 83
Financial debt 04 6,385 6,209
Other financial liabilities 2 3
Other non-financial liabilities 5 6
Total non-current liabilities 15,344 16,013
Provisions for current employee benefits 362 336
Other provisions 1,066 993
Current income tax liabilities 241 338
Financial debt 1,570 1,661
Trade accounts payable 4,985 4,301
Other financial liabilities 1,226 943
Other non-financial liabilities 7,593 7,319
Total current liabilities 17,043 15,891
Total liabilities 32,387 31,904
Total equity and liabilities 35,694 34,627
See accompanying selected notes.
19 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Consolidated statement of income
thyssenkrupp AG —Consolidated statement of income
million €, earnings per share in € Note
9 monthsended
June 30,2015
9 monthsended
June 30,2016
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
Net sales 07 32,217 29,265 11,178 9,865
Cost of sales 27,117 24,419 9,341 8,158
Gross margin 5,100 4,846 1,837 1,707
Research and development cost 234 260 84 92
Selling expenses 2,186 2,142 761 738
General and administrative expenses 1,711 1,756 591 602
Other income 188 146 91 58
Other expenses 102 76 39 16
Other gains/ losses , net 113 104 30 46
Income/ loss from operations 942 862 483 364
Income from companies accounted for using the equity method 39 38 12 12
Finance income 1,055 913 209 266
Finance expense 1,465 1,368 348 381
Financial income/ expense , net 371 417 127 103
Income/ loss from continuing operations before income taxes 571 445 356 261
Income tax expense /income 286 330 165 136
Income/ loss from continuing operations net of tax 285 115 191 124
Discontinued operations net of tax 6 0 0 0
Net income/ loss 279 115 191 124
Thereof:
thyssenkrupp AG’s stockholders 297 168 199 130
Non-controlling interest 18 53 8 6
Net income/ loss 279 115 191 124
Basic and diluted earnings per share 08
Income/ loss from continuing operationsattributable to thyssenkrupp AG’s stockholders 0.53 0.30 0.35 0.23
Net income/ loss attributable to thyssenkrupp AG’s stockholders 0.52 0.30 0.35 0.23
See accompanying selected notes.
20 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Consolidated statement of comprehensive income
thyssenkrupp AG — Consolidatedstatement of comprehensive income
million €
9 monthsended
June 30,2015
9 monthsended
June 30,2016
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
Net income/ loss 279 115 191 124
Items of other comprehensive income that will not be reclassified to profit or loss in future periods:
Other comprehensive income from remeasurements of pensions and similar obligations
Change in unrealized gains/ losses , net 410 978 881 405
Tax effect 119 296 277 121
Other comprehensive income from remeasurements of pensions and similar obligations, net 291 682 604 284
Share of unrealized gains/ losses of investments accounted for using the equity-method 3 1 2 2
Subtotals of items of other comprehensive income that will not be reclassified to profit or loss infuture periods 294 683 602 286
Items of other comprehensive income that will be reclassified to profit or loss in future periods:
Foreign currency translation adjustment
Change in unrealized gains/ losses , net 360 106 171 128
Net realized gains /losses 18 0 0 0
Net unrealized gains /losses 378 106 171 128
Unrealized gains/ losses from available-for-sale financial assets
Change in unrealized gains/ losses , net 2 2 1 2
Net realized gains /losses 0 0 0 0
Tax effect 0 0 0 0
Net unrealized gains /losses 2 2 1 2
Unrealized gains/ losses on derivative financial instruments cash flow hedges
Change in unrealized gains/ losses , net 45 13 2 24
Net realized gains /losses 21 14 13 3
Tax effect 7 4 15
Net unrealized gains /losses 17 1 7 6
Share of unrealized gains/ losses of investments accounted for using the equity-method 32 7 7 0
Subtotals of items of other comprehensive income that will be reclassified to profit or loss infuture periods 395 102 172 136
Other comprehensive income 101 581 430 150
Total comprehensive income 380 466 621 26
Thereof:
thyssenkrupp AG’s stockholders 417 439 629 28
Non-controlling interest 37 27 8 2
Total comprehensive income attributable to thyssenkrupp AG’s stockholders refers to:
Continuing operations 423 439 629 28
Discontinued operations 6 0 0 0
See accompanying selected notes.
21 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Consolidated statement of changes in equity
thyssenkrupp AG — Consolidatedstatement of changes in equity
Equity attributable to thyssenkrupp AG’s stockholders
Cumulative other comprehensive income
million €,except number ofshares
Number ofshares
outstandingCapitalstock
Additionalpaid incapital
Retainedearnings
Foreigncurrency
translationadjustment
Available-for-salefinancialassets
Derivativefinancial
instruments
Share ofinvestments
accounted forusing the
equity method Total
Non-controlling
interestTotal
equity
Balance as ofSept. 30, 2014 565,937,947 1,449 5,434 4,142 248 6 61 49 2,983 216 3,199
Net income/ loss 297 297 18 279
Other comprehensiveincome 293 395 1 15 32 120 19 101
Total comprehensiveincome 4 395 1 15 32 417 37 380
Profit attributable tonon-controlling interest 0 54 54
Payment ofthyssenkrupp AGdividend 62 62 62
Capital increase 0 15 15
Changes of shares ofalready consolidatedcompanies 1 1 1 0
Other changes 33 33 27 60
Balance as ofJune 30, 2015 565,937,947 1,449 5,434 4,166 643 7 76 81 3,372 166 3,538
Balance as ofSept. 30, 2015 565,937,947 1,449 5,434 4,123 417 6 58 57 3,182 125 3,307
Net income/ loss 168 168 53 115
Other comprehensiveincome 683 90 1 8 7 607 26 581
Total comprehensiveincome 515 90 1 8 7 439 27 466
Profit attributable tonon-controlling interest 0 28 28
Payment ofthyssenkrupp AGdividend 85 85 85
Changes of shares ofalready consolidatedcompanies 456 9 447 440 7
Other changes 10 10 8 2
Balance as ofJune 30, 2016 565,937,947 1,449 5,434 5,169 516 7 66 50 2,221 503 2,723
See accompanying selected notes.
22 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Consolidated statement of cash flows
thyssenkrupp AG —Consolidated statement of cash flows
million €
9 monthsended
June 30,2015
9 monthsended
June 30,2016
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
Net income/ loss 279 115 191 124Adjustments to reconcile net income/ loss to operating cash flows:Discontinued operations net of tax 6 0 0 0Deferred income taxes, net 107 72 63 46Depreciation, amortization and impairment of non-current assets 1,086 896 303 295Reversals of impairment losses of non-current assets 2 3 1 1Income/ loss from companies accounted for using the equity method, net of dividends received 39 38 12 12Gain /loss on disposal of non-current assets 11 142 10 158Changes in assets and liabilities, net of effects of acquisitions and divestitures andother non-cash changes- Inventories 92 448 40 198- Trade accounts receivable 219 150 341 114- Accrued pension and similar obligations 109 123 32 15- Other provisions 177 119 61 43- Trade accounts payable 102 679 121 43- Other assets/liabilities not related to investing or financing activities 649 718 67 220
Operating cash flows – continuing operations 282 158 450 545Operating cash flows – discontinued operations 6 0 0 0Operating cash flows – total 276 158 450 545Purchase of investments accounted for using the equity method and non-current financial assets 2 8 1 0Expenditures for acquisitions of consolidated companies net of cash acquired 30 17 49 1Capital expenditures for property, plant and equipment inclusive of advance payments andinvestment property 711 778 260 310Capital expenditures for intangible assets inclusive of advance payments 92 88 31 33Proceeds from disposals of investments accounted for using the equity method andnon-current financial assets 7 0 3 0Proceeds from disposals of previously consolidated companies net of cash disposed 95 8 2 0Proceeds from disposals of property, plant and equipment and investment property 81 24 45 2Proceeds from disposals of intangible assets 0 2 0 1Cash flows from investing activities – continuing operations 591 855 193 340Cash flows from investing activities – discontinued operations 0 0 0 0Cash flows from investing activities – total 591 855 193 340Proceeds from issuance of bonds 1,350 850 0 0Repayments of bonds 750 1,000 0 0Proceeds from liabilities to financial institutions 1,676 955 889 277Repayments of liabilities to financial institutions 1,659 947 1,015 675Proceeds from/ repayments on notes payable and other loans 233 26 36 100Increase/ decrease in bills of exchange 4 2 3 1Increase /decrease in current securities 1 2 0 0Payment of thyssenkrupp AG dividend 62 85 0 0Proceeds from non-controlling interest to equity 15 0 15 0Profit attributable to non-controlling interest 54 28 22 4Expenditures for acquisitions of shares of already consolidated companies 1 6 0 0Other financing activities 476 173 0 183Cash flows from financing activities – continuing operations 277 464 94 686Cash flows from financing activities – discontinued operations 0 0 0 0Cash flows from financing activities – total 277 464 94 686Net increase/ decrease in cash and cash equivalents – total 38 1,478 163 482Effect of exchange rate changes on cash and cash equivalents – total 41 37 23 37Cash and cash equivalents at beginning of year – total 4,040 4,535 3,903 3,539Cash and cash equivalents at end of year – total 4,043 3,094 4,043 3,094thereof cash and cash equivalents within the disposal groups 11 0 11 0
Additional information regarding cash flows from interest, dividends and income taxes which areincluded in operating cash flows of continuing operations:Interest received 95 69 24 18Interest paid 359 329 43 28Dividends received 115 59 14 5Income taxes paid 232 258 71 80
See accompanying selected notes.
23 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
thyssenkrupp AG —Selected notes
Corporate informationthyssenkrupp Aktiengesellschaft “thyssenkrupp AG” or “Company” is a publicly traded corporation
domiciled in Duisburg and Essen in Germany. The condensed interim consolidated financial statements of
thyssenkrupp AG and subsidiaries, collectively the “Group”, for the period from October 1, 2015 to June 30,
2016, were reviewed and authorized for issue in accordance with a resolution of the Executive Board on
August 8, 2016.
Basis of presentationThe accompanying Group’s condensed interim consolidated financial statements have been prepared
pursuant to section 37w of the German Securities Trading Act WpHG and in conformity with IAS 34 “Interim
financial reporting”. They are in line with the International Financial Reporting Standards IFRS and its
interpretations adopted by the International Accounting Standards Board IASB for interim financial
information effective within the European Union. Accordingly, these financial statements do not include all of
the information and footnotes required by IFRS for complete financial statements for year-end reporting
purposes.
The accounting principles and practices as applied in the condensed interim consolidated financial statements
as of June 30, 2016 correspond to those pertaining to the most recent annual consolidated financial
statements with the exception of the recently adopted accounting standards. A detailed description of the
accounting policies is published in the notes to the consolidated financial statements of our annual report
2014/2015.
Recently adopted accounting standardsIn fiscal year 2015/2016, thyssenkrupp adopted the following standards, interpretations and amendments to
already existing standards:
In November 2013 the IASB issued narrow-scope amendments to IAS 19 “Employee Benefits” titled “Defined
Benefit Plans: Employee Contributions Amendments to IAS 19 ”. The amendments are applicable to
recognizing contributions of employees or third parties to defined benefit plans. Hereby it will be allowed to
recognize employees’ or third parties’ contributions as a reduction of current service costs in the period in
which the corresponding servicing has been rendered if the contributions are independent of the number of
years of employee service. The amendments to IAS 19 are to be applied for fiscal years beginning on or after
July 1, 2014. In the context of the endorsement, the mandatory effective date was deferred to fiscal years
beginning on or after February 1, 2015; the option of an earlier adoption has not been used by thyssenkrupp.
The amendments do not have a material impact on the Group’s consolidated financial statements.
24 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
In December 2013 the IASB issued the annual improvements for the 2010 to 2012 cycle and for the 2011 to
2013 cycle as part of its annual improvement process project. In the context of the 2010 to 2012 cycle
clarifications and smaller amendments of seven standards were published: IFRS 2 “Share-based Payment”,
IFRS 3 “Business Combinations”, IFRS 8 “Operating Segments”, IFRS 13 “Fair Value Measurement”, IAS 16
“Property, Plant and Equipment”, IAS 24 “Related Party Disclosures” and IAS 38 “Intangible Assets”. In the
context of the 2011 to 2013 cycle clarifications and smaller amendments of four standards were published:
IFRS 1 “First-time Adoption of IFRS”, IFRS 3 “Business Combinations”, IFRS 13 “Fair Value Measurement”
and IAS 40 “Investment Property”. The amendments are effective for fiscal years beginning on or after July 1,
2014. In the context of the endorsement, the mandatory effective date was deferred – namely for the 2010 to
2012 cycle to fiscal years beginning on or after February 1, 2015 and for the 2011 to 2013 cycle to fiscal
years beginning on or after January 1, 2015; the option of an earlier adoption has not been used by
thyssenkrupp. The amendments do not have a material impact on the Group’s consolidated financial
statements.
01 Disposal group
At Corporate the sale was initiated at June 30, 2016 of a package of non-operating real estate located in
Germany which is classified as a disposal group under IFRS 5 and reported under “Assets held for sale” in the
statement of financial position. The disposal group comprises property, plant and equipment in the amount of
€3 million, investment property in the amount of €162 million, and inventories in the amount of €5 million.
Measurement of the disposal group at fair value less costs to sell resulted as of June 30, 2016 in impairment
losses of €5 million on investment property which are recognized in cost of sales.
02 Total equity
Following the signing of a contract with Vale in early April 2016 to acquire Vale’s 26.87% minority interest in
thyssenkrupp CSA for a symbolic purchase price, the transaction was closed on May 31, 2016 after the
necessary approvals had been obtained. thyssenkrupp is consequently the sole owner of thyssenkrupp CSA.
The resultant changes in equity attributable to thyssenkrupp AG’s stockholders and in non-controlling interest
in the amount of €444 million are included in “Changes of shares of already consolidated companies” in the
statement of changes in equity.
03 Accrued pension and similar obligations
Based on updated interest rates and fair value of plan assets, an updated valuation of accrued pension and
health care obligations was performed as of June 30, 2016, taking into account these effects.
Accrued pension and similar obligations
million € Sept. 30, 2015 June 30, 2016
Accrued pension obligations 7,445 8,297
Accrued postretirement obligations other than pensions 13 15
Other accrued pension-related obligations 196 200
Total 7,654 8,512
25 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
The Group applied the following weighted average assumptions to determine pension obligations:
Weighted average assumptions
Sept. 30, 2015 June 30, 2016
in % GermanyOutside
Germany Total GermanyOutside
Germany Total
Discount rate for accrued pension obligations 2.50 3.02 2.64 1.50 2.51 1.77
04 Issue of bond and note loans and early extension ofsyndicated credit line
In December 2015 thyssenkrupp AG placed a €100 million note loan with a maturity of three years and a
coupon of 0.931% p.a. and in March 2016 a €150 million note loan with a maturity of five years and a
coupon of 1.75% p.a.
Furthermore in March 2016 thyssenkrupp AG issued a bond with a total volume of €850 million and a
maturity of five years under its €10billion debt issuance program. The bond carries a coupon of 2.75% p.a.
In addition in March 2016 thyssenkrupp AG secured an early extension of the €2.0billion syndicated credit line,
originally maturing at March 28, 2018, until March 14, 2021. At the balance-sheet date it was unused.
05 Contingencies and commitments
Contingenciesthyssenkrupp AG as well as, in individual cases, its subsidiaries have issued or have had guarantees in favour
of business partners or lenders. The following table shows obligations under guarantees where the principal
debtor is not a consolidated Group company:
Contingencies
Maximumpotential
amount of futurepayments as of Provision as of
million € June 30, 2016 June 30, 2016
Advance payment bonds 160 1
Performance bonds 132 2
Residual value guarantees 61 16
Other guarantees 87 1
Total 440 20
The terms of those guarantees depend on the type of guarantee and may range from three months to ten
years e.g. rental payment guarantees . The basis for possible payments under the guarantees is always the
non-performance of the principal debtor under a contractual agreement, e.g. late delivery, delivery of non-
conforming goods under a contract or non-performance with respect to the warranted quality or default under
a loan agreement.
26 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
All guarantees are issued by or issued by instruction of thyssenkrupp AG or subsidiaries upon request of the
principal debtor obligated by the underlying contractual relationship and are subject to recourse provisions in
case of default. If such a principal debtor is a company owned fully or partially by a foreign third party, the
third party is generally requested to provide additional collateral in a corresponding amount.
Commtiments and other contingenciesDue to the high volatility of iron ore prices, in the Steel Europe and Steel Americas business areas the existing
long-term iron ore and iron ore pellets supply contracts are measured for the entire contract period at the iron
ore prices applying as of the respective balance sheet date. Compared with September 30, 2015, purchasing
commitments increased by €1.7billion to €7.1billion, mainly due to the extension of the iron are supply
contract at Steel Americas.
There have been no material changes to the other commitments and contingencies since the end of the last
fiscal year.
27 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
06 Financial instruments
The following table shows financial assets and liabilities by measurement categories and classes. Finance
lease receivables and liabilities, and derivatives that qualify for hedge accounting are also included although
they are not part of any IAS 39 measurement category.
Financial instruments as of Sept. 30, 2015
Measurement in accordance with IAS 39
Measurement inaccordance with
IAS 17
million €
Carrying amounton balancesheet as of
Sept. 30, 2015 Amortized cost
Fair valuerecognized inprofit or loss
Fair valuerecognized in
equity Amortized costFair value as ofSept. 30, 2015
Trade accounts receivable, netexcluding finance lease 5,069 5,069 5,069
Loans and receivables 5,069 5,069
Finance lease receivables 49 49 49
Other financial assets 366 273 58 35 366
Loans and receivables 255 255
Available-for-sale financial assets 18 17 35
Derivatives that do not qualify forhedge accountingFinancial assets held for trading 58 58
Derivatives that qualify for hedge accounting 0 18 18
Cash and cash equivalents 4,535 4,535 4,535
Loans and receivables 4,535 4,535
Total of financial assets 10,019
thereof by measurement categories of IAS 39:
Loans and receivables 9,859 9,859 9,859
Available-for-sale financial assets 35 18 17 35
Derivatives that do not qualify forhedge accountingFinancial assets held for trading 58 58 58
Financial debt excluding finance lease 7,911 7,911 8,007
Financial liabilities measured atamortized cost 7,911 8,007
Finance lease liabilities 44 44 44
Trade accounts payable 4,985 4,985 4,985
Financial liabilities measured atamortized cost 4,985 4,985
Other financial liabilities 1,228 774 326 128 1,228
Financial liabilities measured atamortized cost 774 774
Derivatives that do not qualify forhedge accountingFinancial assets held for trading 326 326
Derivatives that qualify for hedge accounting 0 128 128
Total of financial liabilities 14,168
thereof by measurement categories of IAS 39:
Financial liabilities measured atamortized cost 13,670 13,670 13,766
Derivatives that do not qualify forhedge accountingFinancial assets held for trading 326 326 326
28 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
Financial instruments as of June 30, 2016
Measurement in accordance with IAS 39
Measurement inaccordance with
IAS 17
million €
Carrying amounton balancesheet as of
June 30, 2016 Amortized cost
Fair valuerecognized inprofit or loss
Fair valuerecognized in
equity Amortized costFair value as ofJune 30, 2016
Trade accounts receivable, netexcluding finance lease 5,235 0 5,235
Loans and receivables 5,235 5,235
Finance lease receivables 49 49 49
Other financial assets 448 313 74 61 448
Loans and receivables 297 297
Available-for-sale financial assets 16 20 36
Derivatives that do not qualify forhedge accountingFinancial assets held for trading 74 74
Derivatives that qualify for hedge accounting 0 41 41
Cash and cash equivalents 3,094 3,094 3,094
Loans and receivables 3,094 3,094
Total of financial assets 8,826
thereof by measurement categories of IAS 39:
Loans and receivables 8,626 8,626 8,626
Available-for-sale financial assets 36 16 20 36
Derivatives that do not qualify forhedge accountingFinancial assets held for trading 74 74 74
Financial debt excluding finance lease 7,834 7,834 8,064
Financial liabilities measured at amortizedcost 7,834 8,064
Finance lease liabilities 36 36 36
Trade accounts payable 4,301 4,301 4,301
Financial liabilities measured atamortized cost 4,301 4,301
Other financial liabilities 947 669 204 73 947
Financial liabilities measured atamortized cost 669 669
Derivatives that do not qualify forhedge accountingFinancial assets held for trading 204 204
Derivatives that qualify for hedge accounting 0 73 73
Total of financial liabilities 13,117
thereof by measurement categories of IAS 39:
Financial liabilities measured atamortized cost 12,804 12,804 13,034
Derivatives that do not qualify forhedge accountingFinancial assets held for trading 204 204 204
29 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
The carrying amounts of trade accounts receivable, other current receivables as well as cash and cash
equivalents equal their fair values. The fair value of loans equals the present value of expected cash flows
which are discounted on the basis of interest rates prevailing on the balance sheet date.
Available-for-sale financial assets primarily include equity and debt instruments. They are in general
measured at fair value, which is based to the extent available on market prices as of the balance sheet date.
When no quoted market prices in an active market are available and the fair value cannot be reliably
measured, equity instruments are measured at cost.
The fair value of foreign currency forward transactions is determined on the basis of the middle spot exchange
rate applicable as of the balance sheet date, and taking into account of forward premiums or discounts arising
for the respective remaining contract term compared to the contracted forward exchange rate. Common
methods for calculating option prices are used for foreign currency options. The fair value of an option is
influenced not only by the remaining term of an option, but also by other factors, such as current amount and
volatility of the underlying exchange or base rate.
Interest rate swaps and cross currency swaps are measured at fair value by discounting expected cash flows
on the basis of market interest rates applicable for the remaining contract term. In the case of cross currency
swaps, the exchange rates for each foreign currency, in which cash flows occur, are also included.
The fair value of commodity futures is based on published price quotations. It is measured as of the balance
sheet date, both internally and by external financial partners.
The carrying amounts of trade accounts receivable and other current liabilities equal their fair values. The fair
value of fixed rate liabilities equals the present value of expected cash flows. Discounting is based on interest
rates applicable as of the balance sheet date. The carrying amounts of floating rate liabilities equal their fair
values.
30 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
Financial assets and liabilities measured at fair value could be categorized in the following three level fair value
hierarchy:
Fair value hierarchy as of Sept. 30, 2015
million € Sept. 30, 2015 Level 1 Level 2 Level 3
Financial assets at fair value
Fair value recognized in profit or loss
Derivatives that do not qualify for hedge accountingFinancial assets held for trading 58 0 58 0
Derivatives that qualify for hedge accounting 0 0 0 0
Fair value recognized in equity
Available-for-sale financial assets 17 15 2 0
Derivatives that qualify for hedge accounting 18 0 18 0
Total 93 15 78 0
Financial liabilities at fair value
Fair value recognized in profit or loss
Derivatives that do not qualify for hedge accountingFinancial liabilities held for trading 326 0 206 120
Derivatives that qualify for hedge accounting 0 0 0 0
Fair value recognized in equity
Derivatives that qualify for hedge accounting 128 0 128 0
Total 454 0 334 120
Fair value hierarchy as of June 30, 2016
million € June 30, 2016 Level 1 Level 2 Level 3
Financial assets at fair value
Fair value recognized in profit or loss
Derivatives that do not qualify for hedge accountingFinancial assets held for trading 74 0 74 0
Derivatives that qualify for hedge accounting 0 0 0 0
Fair value recognized in equity
Available-for-sale financial assets 20 18 3 0
Derivatives that qualify for hedge accounting 41 0 41 0
Total 135 18 117 0
Financial liabilities at fair value
Fair value recognized in profit or loss
Derivatives that do not qualify for hedge accountingFinancial liabilities held for trading 204 0 83 121
Derivatives that qualify for hedge accounting 0 0 0 0
Fair value recognized in equity
Derivatives that qualify for hedge accounting 73 0 73 0
Total 278 0 157 121
The fair value hierarchy reflects the significance of the inputs used to determine fair values. Financial
instruments with fair value measurement based on quoted prices in active markets are disclosed in Level 1. In
Level 2 determination of fair values is based on observable inputs, e.g. foreign exchange rates. Level 3
comprises financial instruments for which the fair value measurement is based on unobservable inputs.
31 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
The following table shows the reconciliation of level 3 financial instruments:
Reconciliation level 3 financial instruments
million €
Balance as of Sept. 30, 2015 assets/ liability 120
Changes recognized in profit or loss 1
Balance as of June 30, 2016 assets/ liability 121
The financial liability, which is based on individual valuation parameters and recognized at fair value,
comprises a freight derivative which was valued according to the contractually agreed minimum volume on
the basis of recognized hedge models taking into account the market data prevailing at the closing date. The
resulting income effect is recognized in the consolidated statement of income under “Other expenses” and
“Other income”, respectively.
The notional amounts and fair values of the Group’s derivative financial instruments are as follows:
Derivative financial instruments
million €
Notional amountas of
Sept. 30, 2015
Carrying amountas of
Sept. 30, 2015
Notional amountas of
June 30, 2016
Carrying amountas of
June 30, 2016
Assets
Foreign currency derivatives that do not qualifyfor hedge accounting 1,376 27 2,386 51
Foreign currency derivatives qualifying ascash flow hedges 264 9 552 28
Embedded derivatives 95 1 59 1
Interest rate derivatives qualifying ascash flow hedges1 635 8 456 6
Commodity derivatives that do not qualify forhedge accounting 331 30 284 21
Commodity derivatives qualifying ascash flow hedges 101 1 71 7
Total 2,802 76 3,808 115
Equity and liabilities
Foreign currency derivatives that do not qualifyfor hedge accounting 2,027 175 2,158 58
Foreign currency derivatives qualifying ascash flow hedges 573 26 395 12
Embedded derivatives 101 3 185 3
Interest rate derivatives qualifying ascash flow hedges1 817 78 572 36
Commodity derivatives that do not qualify forhedge accouting2 487 148 533 144
Commodity derivatives qualifying ascash flow hedges 119 24 159 26
Total 4,124 454 4,001 278
1 Inclusive of cross currency swaps2 Inclusive of freights
32 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
07 Segment information
Segment information for the 9 months ended June 30, 2015 and June 30, 2016 as well as for the
3rd quarter ended June 30, 2015 and June 30, 2016 is as follows:
Segment information
million €ComponentsTechnology
ElevatorTechnology
IndustrialSolutions
MaterialsServices
SteelEurope
SteelAmericas Corporate
StainlessGlobal1
Consoli-dation Group
9 months endedJune 30, 2015
Net sales 5,082 5,247 4,569 10,743 5,378 1,166 33 — 0 32,217
Internal sales within theGroup 5 2 15 250 1,154 231 106 — 1,763 0
Total sales 5,087 5,249 4,584 10,993 6,532 1,396 139 — 1,763 32,217
EBIT 227 533 304 62 343 57 312 6 3 973
Adjusted EBIT 241 557 297 140 358 45 291 0 4 1,261
9 months endedJune 30, 2016
Net sales 5,117 5,524 4,335 8,708 4,718 835 28 — 0 29,265
Internal sales within theGroup 4 3 8 206 947 176 150 — 1,493 0
Total sales 5,122 5,526 4,343 8,914 5,664 1,011 179 — 1,493 29,265
EBIT 218 569 283 36 198 91 385 — 18 846
Adjusted EBIT 256 614 287 66 207 100 347 — 18 1,001
3rd quarter endedJune 30, 2015
Net sales 1,756 1,875 1,571 3,703 1,891 374 8 — 0 11,178
Internal sales within theGroup 2 1 3 75 396 67 38 — 582 0
Total sales 1,758 1,876 1,574 3,778 2,287 441 46 — 582 11,178
EBIT 81 199 101 89 150 27 98 0 2 493
Adjusted EBIT 91 211 96 89 166 25 90 0 1 539
3rd quarter endedJune 30, 2016
Net sales 1,782 1,906 1,226 3,014 1,667 262 9 — 0 9,865
Internal sales within theGroup 1 1 3 74 348 74 55 — 555 0
Total sales 1,783 1,906 1,228 3,087 2,015 336 64 — 555 9,865
EBIT 72 205 41 35 92 53 130 — 4 372
Adjusted EBIT 100 225 43 52 91 39 113 — 4 441
1 Discontinued operation
Adjusted EBIT as well as operating EBIT reconcile to EBT from continuing operations as presented in the
consolidated statement of income as following:
Reconciliation EBIT to EBT
million €
9 monthsended
June 30,2015
9 monthsended
June 30,2016
3rd quarterended
June 30,2015
3rd quarterended
June 30,2016
Adjusted EBIT as presented in segment reporting 1,261 1,001 539 441
Special items 288 155 46 70
EBIT as presented in segment reporting 973 846 493 372
+ Non-operating income/ expense from companies accounted for using the equity method 0 2 0 1
+ Finance income 1,055 913 209 266
– Finance expense 1,465 1,368 348 381
– Items of finance income assigned to EBIT based on economic classification 31 38 1 4
+ Items of finance expense assigned to EBIT based on economic classification 33 16 3 8
EBT-Group 565 445 356 261
– EBT of Stainless Global 6 0 0 0
EBT from continuing operations as presented in the statement of income 571 445 356 261
33 thyssenkrupp interim report 9 months 2015/2016 Condensed interim financial statements // Selected notes
08 Earnings per share
Basic earnings per share are calculated as follows:
Earnings per share
9 monthsended
June 30, 2015
9 monthsended
June 30, 20163rd quarter endedJune 30, 2015
3rd quarter endedJune 30, 2016
Totalamount
in million €Earnings per
share in €
Totalamount
in million €Earnings per
share in €
Totalamount
in million €Earnings per
share in €
Totalamount
in million €Earnings per
share in €
Income/ loss from continuingoperations net of taxattributable to thyssenkrupp AG’sstockholders 303 0.53 168 0.30 199 0.35 130 0.23
Income/ loss from discontinuedoperations net of taxattributable to thyssenkrupp AG’sstockholders 6 0.01 0 0.00 0 0.00 0 0.00
Net income/ lossattributable to thyssenkrupp AG’sstockholders 297 0.52 168 0.30 199 0.35 130 0.23
Weighted average shares 565,937,947 565,937,947 565,937,947 565,937,947
Relevant number of common shares for the determination of earnings per shareEarnings per share have been calculated by dividing net income/ loss attributable to common stockholders of
thyssenkrupp AG numerator by the weighted average number of common shares outstanding denominator
during the period. Shares issued, sold or reacquired during the period have been weighted for the portion of
the period that they were outstanding.
There were no dilutive securities in the periods presented.
09 Additional information to the consolidated statement of cash flows
The liquid funds considered in the consolidated statement of cash flows correspond to the “Cash and cash
equivalents” line item in the consolidated statement of financial position taking into account the cash and
cash equivalents attributable to the disposal groups. As of June 30, 2016 cash and cash equivalents of
€142 million 2015: €56 million result from the joint operation HKM.
Essen, August 8, 2016
thyssenkrupp AG
The Executive Board
Hiesinger
Burkhard Kaufmann Kerkhoff
34 thyssenkrupp interim report 9 months 2015/2016 Review report
Review report
To thyssenkrupp AG, Duisburg und EssenWe have reviewed the condensed consolidated interim financial statements – comprising the consolidated
statement of financial position, the consolidated statement of income and the consolidated statement of
comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash
flows and selected explanatory notes – and the interim group management report of thyssenkrupp AG,
Duisburg and Essen, for the period from October 1, 2015, to June 30, 2016, which are part of the quarterly
financial report pursuant to § Article 37w WpHG “Wertpapierhandelsgesetz” German Securities Trading Act .
The preparation of the condensed consolidated interim financial statements in accordance with the IFRS
applicable to interim financial reporting as adopted by the EU and of the interim group management report in
accordance with the provisions of the German Securities Trading Act applicable to interim group management
reports is the responsibility of the parent Company’s Board of Managing Directors. Our responsibility is to
issue a review report on the condensed consolidated interim financial statements and on the interim group
management report based on our review.
We conducted our review of the condensed consolidated interim financial statements and the interim group
management report in accordance with German generally accepted standards for the review of financial
statements promulgated by the Institut der Wirtschaftsprüfer Institute of Public Auditors in Germany IDW
and additional observed the International Standard on Review Engagements “Review of Interim Financial
Information Performed by the Independent Auditor of the Entity” ISRE 2410 . Those standards require that
we plan and perform the review so that we can preclude through critical evaluation, with moderate assurance,
that the condensed consolidated interim financial statements have not been prepared, in material respects, in
accordance with the IFRS applicable to interim financial reporting as adopted by the EU and that the interim
group management report has not been prepared, in material respects, in accordance with the provisions of
the German Securities Trading Act applicable to interim group management reports. A review is limited
primarily to inquiries of company personnel and analytical procedures and therefore does not provide the
assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not
performed a financial statement audit, we cannot issue an audit opinion.
Based on our review, no matters have come to our attention that cause us to presume that the condensed
consolidated interim financial statements have not been prepared, in material respects, in accordance with
the IFRS applicable to interim financial reporting as adopted by the EU nor that the interim group management
report has not been prepared, in material respects, in accordance with the provisions of the German Securities
Trading Act applicable to interim group management reports.
Essen, August 10, 2016
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Prof. Dr. Norbert Winkeljohann Michael Preiß
German Public Auditor German Public Auditor
35 thyssenkrupp interim report 9 months 2015/2016 Additional information // Report by the Supervisory Board Audit Committee
Report by the Supervisory BoardAudit Committee
The interim report for the first 9 months of the 2015/2016 fiscal year October 2015 to June 2016 and the
review report by the Group’s financial statement auditors were presented to the Audit Committee of the
Supervisory Board in its meeting on August 10, 2016 and explained by the Executive Board. The auditors
were available to provide additional information.
The Audit Committee approved the interim report.
Essen, August 10, 2016
Chairman of the Audit Committee
Prof. Dr. Bernhard Pellens
Additional information
36 thyssenkrupp interim report 9 months 2015/2016 Additional information // Contact and 2016/2017 financial calendar
Contact and 2016/2017 financial calendar
For more informationplease contact:
CommunicationsTelephone +49 201 844-536043
Fax +49 201 844-536041
E-mail [email protected]
Investor RelationsE-mail [email protected]
Institutional investors and analystsTelephone +49 201 844-536464
Fax +49 201 8456-531000
Private investorsTelephone +49 201 844-536367
Fax +49 201 8456-531000
Addressthyssenkrupp AG
thyssenkrupp Allee 1, 45143 Essen, Germany
Postfach, 45063 Essen, Germany
Telephone +49 201 844-0
Fax +49 201 844-536000
E-mail [email protected]
www.thyssenkrupp.com
2016/2017 financial calendar
November 24, 2016Annual report 2015/2016
Annual press conference
Analysts’ and investors’ conference
January 27, 2017Annual General Meeting
February 9, 2017Interim report
1st quarter 2016/2017 October to December
Conference call with analysts and investors
May 9, 2017Interim report
1st half 2016/2017 October to March
Conference call with analysts and investors
August 10, 2017Interim report
9 months 2016/2017 October to June
Conference call with analysts and investors
This interim report was published on August 11, 2016.
Produced in-house using firesys.
Forward-looking statements
This document contains forward-looking statements that reflect management’s
current views with respect to future events. Such statements are subject to risks
and uncertainties that are beyond thyssenkrupp’s ability to control or estimate
precisely, such as future market and economic conditions, the behavior of other
market participants, the ability to successfully integrate acquired businesses and
achieve anticipated synergies and the actions of government regulators. If any of
these or other risks and uncertainties occur, or if the assumptions underlying any of
these statements prove incorrect, then actual results may be materially different
from those expressed or implied by such statements. thyssenkrupp does not intend
or assume any obligation to update any forward-looking statements to reflect
events or circumstances after the date of these materials.
Rounding differences and rates of change
Percentages and figures in this report may include rounding differences. The signs
used to indicate rates of change are based on economic aspects: Improvements are
indicated by a plus + sign, deteriorations are shown in brackets . Very high
positive and negative rates of change ≥500% or≤ 100 % are indicated by ++
and −− respectively.
Variances for technical reasons
Due to statutory disclosure requirements the Company must submit this financial
report electronically to the Federal Gazette Bundesanzeiger . For technical reasons
there may be variances in the accounting documents published in the Federal
Gazette.
German and English versions of the financial report can be downloaded from the
internet at www.thyssenkrupp.com. In the event of variances, the German version
shall take precedence over the English translation.
www.thyssenkrupp.com